25,445 Shares in Carpenter Technology Corporation $CRS Acquired by Beaconlight Capital LLC

Beaconlight Capital LLC purchased a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 25,445 shares of the basic materials company’s stock, valued at approximately $8,011,000. Carpenter Technology accounts for 4.7% of Beaconlight Capital LLC’s holdings, making the stock its 7th biggest position. Beaconlight Capital LLC owned about 0.05% of Carpenter Technology at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Ion Asset Management Ltd. acquired a new position in Carpenter Technology during the 3rd quarter worth approximately $4,027,000. American Century Companies Inc. raised its stake in Carpenter Technology by 4.0% during the 3rd quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company’s stock worth $114,841,000 after buying an additional 18,201 shares during the period. Kinetic Partners Management LP raised its stake in Carpenter Technology by 15.5% during the 3rd quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company’s stock worth $94,901,000 after buying an additional 51,800 shares during the period. Bright Futures Wealth Management LLC. acquired a new position in Carpenter Technology during the 3rd quarter worth approximately $674,000. Finally, Citigroup Inc. raised its stake in Carpenter Technology by 64.3% during the 3rd quarter. Citigroup Inc. now owns 35,219 shares of the basic materials company’s stock worth $8,648,000 after buying an additional 13,779 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CRS. TD Cowen upped their target price on shares of Carpenter Technology from $450.00 to $470.00 and gave the stock a “buy” rating in a research note on Friday, May 22nd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a research note on Thursday, April 30th. BTIG Research upped their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Wells Fargo & Company increased their price target on Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a research report on Monday, May 4th. Finally, JPMorgan Chase & Co. increased their price target on Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $458.63.

Insiders Place Their Bets

In other news, VP Marshall D. Akins sold 11,815 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the completion of the transaction, the vice president directly owned 18,344 shares of the company’s stock, valued at $8,096,307.84. This trade represents a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the transaction, the director directly owned 750 shares of the company’s stock, valued at $317,895. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is owned by company insiders.

Carpenter Technology Stock Performance

NYSE:CRS opened at $576.70 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. The business has a fifty day simple moving average of $456.67 and a two-hundred day simple moving average of $389.60. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $585.50. The company has a market capitalization of $28.66 billion, a P/E ratio of 60.71, a P/E/G ratio of 1.93 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, topping analysts’ consensus estimates of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The firm had revenue of $655.60 million during the quarter, compared to analyst estimates of $797.00 million. During the same period last year, the company earned $1.88 earnings per share. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, analysts expect that Carpenter Technology Corporation will post 10.56 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Carpenter Technology’s dividend payout ratio (DPR) is presently 8.42%.

Carpenter Technology Profile

Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.